• Journal of the Society of Cosmetic Scientists of Korea
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• v.46 no.2
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• pp.185-194
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• 2020

This study was conducted to find out the optimal extraction conditions to obtain extracts with a high content of ginsenosides and antioxidant activity using the ginseng berry. After extraction by stirring, ultrasound and microwave method using 70% ethanol and distilled water as solvents, the results of considering the content of ginsenoside Re and Rb1, total polyphenol content, antioxidant activity, and whether it is an environmentally friendly manufacturing method, it was confirmed that the microwave method using distilled water is good method of extraction. The optimization of extraction conditions for microwave method were made by response surface methodology (RSM). Microwave power (50 ~ 200 W, X1), solvent and ginseng berry ratio (5 ~ 20 times, X2) and the extraction time (30 ~ 120 s, X3) were used as independent variables. The model showed a good fit having a determination coefficient of the regression equation of 0.9 or more and a p-value less than 0.05. Estimated conditions for the maximized extraction of ginsenoside contents and total polyphenols were 200 w in microwave power, 20 times in solvent and ginseng berry ratio, and 90 s in extraction time. Predicted values at the optimum conditions were total polyphenols of 6.23 mg GAE/g, ginsenoside Re of 17.69 mg/g, and ginsenoside Rb1 of 16.01 mg/g. In the verification of the actual measurement the obtained values showed 6.33 mg GAE/g, 17.79 mg/g, and 15.59 mg/g, respectively, in good agreement with predicted values.

• The Korean Journal of Financial Management
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• v.22 no.1
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• pp.1-36
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• 2005

In this study, we analyzed determinant factors of leverage ratio and debt maturity for Korean firms in the simultaneous equation system using 2SLS (two stage least square) method under assumption that two variables are jointly determined in the capital structure decision. As a result of the analysis, we found that leverage ratio and debt maturity are positively related. Also, as for determinant factors of debt maturity, agency cost hypothesis, asset maturity matching hypothesis, signalling and liquidity risk hypothesis are all generally supported, and further leverage ratio are significantly positively related with firm size, but negatively related with default risk. However, when we divided samples into groups according to bank debt level and Chaebul affiliation, with contrast to existing study which worked on similar issues with OLS, we found no evidence supporting the argument that the information asymmetry problem is less severe in firms with more bank debt, whereas information asymmetry and financial constraint problems are more severe in non-Chaebul affiliated firms.

• Journal of Environmental Policy
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• v.9 no.3
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• pp.69-114
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• 2010

This study investigates the voluntary corporate disclosure of environmental information via stand-alone environmental reports or company web-sites. Quality of disclosure was assessed using the content analysis index proposed by Clarkson et al. (2008) based on GRI guidelines. Descriptive statistics on disclosure scores by category suggest that the level of disclosure is low relative to the expectation implied by the GRI reporting guidelines, and points to the need for improvement in the future. Specific areas where improvement is required include the disclosure of environmental performance indicators. Corporate environmental performance was measured in terms of the percentage of toxic wastes that was treated or processed by each firm and economic performance, by industry-adjusted annual return, which was subject to a series of association tests designed to explore the interrelations among environmental disclosure, environmental performance, and economic performance. The individual equation approach based on OLS procedures suggests a positive association between environmental performance and the level of discretionary environmental disclosures, which is not the case between environmental and economic performance. An integrated analysis using simultaneous equations approach does not indicate any significant relationships among three constructs, suggesting the lack of endogeneity, inconsistent with Al-Tuwaijri et al. (2004). Additional analysis assesses the level of environmental disclosure made in footnotes to the audited annual reports, which suggests that the quality of disclosure is very low and that footnote disclosure does not serve as a meaningful channel for the provision of corporate environmental information.

• Journal of KIISE:Software and Applications
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• v.27 no.1
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• pp.50-61
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• 2000

Recently the stereo vision based on conics has received much attention by many authors. Conics have many features such as their matrix expression, efficient correspondence checking, abundance of conical shapes in real world. Extensions to higher algebraic curves met with limited success. Although irreducible algebraic curves are rather rare in the real world, lines and conics are abundant whose products provide good examples of higher algebraic curves. We consider plane algebraic curves of an arbitrary degree $n{\geq}2$ with a fully calibrated stereo system. We present closed form solutions to both correspondence and reconstruction problems. Let $f_1,\;f_2,\;{\pi}$ be image curves and plane and $VC_P(g)$ the cone with generator (plane) curve g and vertex P. Then the relation $VC_{O1}(f_1)\;=\;VC_{O1}(VC_{O2}(f_2)\;∩\;{\pi})$ gives polynomial equations in the coefficient $d_1,\;d_2,\;d_3$ of the plane ${\pi}$. After some manipulations, we get an extremely simple polynomial equation in a single variable whose unique real positive root plays the key role. It is then followed by evaluating $O(n^2)$ polynomials of a single variable at the root. It is in contrast to the past works which usually involve a simultaneous system of multivariate polynomial equations. We checked our algorithm using synthetic as well as real world images.

• Korean Journal of Remote Sensing
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• v.35 no.6_2
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• pp.1149-1160
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• 2019

In this study, two radiometric correction methods deriving reflectance from UAV multispectral image for monitoring forest vegetation were applied and evaluated. Multispectral images were obtained from a small multispectral camera having 5 spectral bands. Reflectance were derived by applying the two methods: (1) the direct method using downwelling irradiance measurement and (2) the empirical line correction method by linking a set of field reflectance measured simultaneous with the image capture. Field reflectance were obtained using a spectroradiometer during the flight and used for building the linear equation for the empirical method and for the validation of image reflectance derived. Although both methods provided the high correlations between field reflectance and image-derived reflectance, their distributions were somewhat different. While the direct method provided rather stable and consistent distribution of reflectance all over the entire image area, the empirical method showed very unstable and inconsistent reflectance distribution. The direct method would be more appropriate for relatively wide area that requires more time to acquire image and may vary in downwelling irradiance and atmospheric conditions.

• Journal of Korean Society of Transportation
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• v.22 no.6
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• pp.159-173
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• 2004

Using a generalized translog multiproduct cost function model, this paper examines economies of scale and scope in the vertically-integrated Korean railway industry. The paper then conceptualizes that the Korea National Railroad (KNR) produces four outputs (passenger-kilometers, ton-kilometers of freight, average length of passenger trips, and average length of freight haul) using three input factors(labor, fuel and maintenance, and rolling stock and capital). Using time series data collected from the KNR's annual records for the years from 1977 to 2002, the simultaneous equation system consisting of a cost function and two input share equatins is estimated with the Zellner's iterative seemingly unrelated regression. The findings show that the cost function corresponding to a non-Cobb-Douglas, non-homothetic, and non-homogeneous production technology adequately represents the KNR's cost structure. On the other hand, the Korean railway industry experiences sizeable overall scale economies, which result from substantial product-specific scale economies associated with passenger-kilometers and freight ton-kilometers and from scope economies associated with their joint production. In addition, the magnitude of economies of scope is influenced largely by the ratio of passenger trips, and has increased over time as the former has increased while the latter has decreased.

• FLOWER RESEARCH JOURNAL
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• v.19 no.1
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• pp.68-76
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• 2011

This study was conducted to investigate customer taste related to satisfaction of a baby's first birthday party and re-visit of venues. General characteristics of customers were similar in male and female or the married and the unmarried. Mainstream age of respondents was from in their 20's to 30's. Among them, the number of university graduates were the largest in education level. Theoretical model was composed with seven significant variables of design style and composition and design harmony and color sense for flower decoration, accessibility, facility, service and price, satisfaction, and intention of re-visit based on the result of analysis on these factors. Exploratory factor analysis was performed using SPSS 14.0K. Structural equation modeling(SEM) for simultaneous measure of path coefficient in all casualty of study model, measurement model of AMOS 7.0 for evaluation of validity, and reliability and factor analysis method using technical statistics, frequency analysis, and Cronbach's Alpha for data analysis were used. The result of hypothesis verification showed that design style and composition was the most significant item in satisfaction of parameter and it was followed by design harmony and color sense. While service and price had positive effect on satisfaction, accessibility and facility had no relation to it. It means that the most crucial variable was a flower decoration in planning and representation of the celebration of baby's first birthday. In conclusion, the finding of this study suggests that the effective utilization of these variables will contribute to the enhancement of satisfaction affecting improvement service and price or intention of re-visit.

• Journal of Korea Trade
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• v.27 no.3
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• pp.21-42
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• 2023

Purpose - This paper investigates the trade effect of the Korea-China Free Trade Agreement (KCFTA) which coincides with political conflicts between the two countries due to the deployment of the Terminal High Altitude Area Defense (THAAD) in Korea. The two events occurred in the same year and both are likely to affect trade between two countries but in opposite directions. Therefore, it is crucial to distinguish between the trade effects from the KCFTA event and those from the THAAD event to evaluate the true FTA effects. However, this would be difficult when using only annual data. Accordingly, ex post studies to examine the trade effects of KCFTA are lacking in trustworthiness while many ex ante studies that conjecture the positive trade effects neglect the THAAD deployment impact. This paper aims to fill that gap. Design/methodology - Given that the KCFTA and THAAD events occurred in the same year but in different months, we use the monthly data from 2000 to 2019 of Korea's exports to bracket this period. We employ the difference-in-difference (DID) method within a gravity equation specification that uses hi-dimensional fixed effects to address various endogeneity issues and seasonal effects. We identify the net impact of KCFTA ratification from these two near-simultaneous events to quantify the effects of trade liberalization between these two countries. Findings - After isolating the THAAD effects on trade, the analysis creates a positive and statistically significant coefficient estimate of the KCFTA impact. In contrast, failing to isolate the THAAD effect produced a negative and statistically significant coefficient estimate of the KCFTA impact. Our results indicate that KCFTA independently increased Korea's exports to China by 10.2%, but that this increase was fully mitigated by the THAAD event. Further, our results verify that unobserved heterogeneity and multilateral resistance are technically difficult to account for in those estimations as that rely solely upon annual data, as this type of data are inadequate to control for the potential for endogeneity. Originality/value - This paper is one of the first studies to carefully evaluate the net trade effects of the KCFTA on Korea's largest trading partner while isolating the impact of simultaneously occurred political events that may influence trade in opposing directions. Our findings indicate that the lack of prior evidence of positive trade effects of the KCFTA when using annual data may be attributed to a failure to identify the impact of each event separately. This analysis supports using the correct modeling specification to avoid misleading conclusions when evaluating any important international trade policy.

• KSCE Journal of Civil and Environmental Engineering Research
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• v.28 no.5D
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• pp.713-721
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• 2008

The aim of this study is to analyze the spatial association of regional economic growth and land use considering 5 plus 2 regional economic sphere (Capital region zone, Chungchung zone, Honam zone, Daekyung zone, Dongnam zone and kangwon zone, Jejudo zone) in Korea. The factors of regional economic growth are GRDP and the rate of self-finance and land use, especially industrial and manufactering zone. The data for this research are obtained by National Statistical Office web-site etc. For this, the Seemingly Unrelated Regression(SUR), as a kind of simultaneous equation model, is employed as empirical analysis. Overall results of this study show that the spatial association of the capital region zone and other zones is complementary. but Honam zone and Dongnam zone or Daekyung zone is competitive. We conclude from this study that the policy of regional development will be considered in accordance with the regional economic growth and land use. Also, this study found that Economic growth of regional economic sphere will be achieved from that of cities within zone and the results will be helpful to policy makers and regional planners when establishing regional planning in the future.

• Journal of the Korean Regional Science Association
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• v.40 no.1
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• pp.3-17
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• 2024

Despite extensive discussions on the repercussions of the prolonged COVID-19 pandemic, there is a lack of analysis on the relationships and changes in relationships between business districts Therefore, this study aims to understand the impact of COVID-19 on retail business districts in Seoul by considering the geographical dependency and interactions of these districts. Using data from the fourth quarters of 2019 to 2021 for 1,490 retail business districts in Seoul, we employed the 3-Stage Least Squares (3SLS) estimation method for simultaneous equation modeling to empirically examine how spatial dependencies among retail business districts in Seoul have evolved due to the influence of COVID-19. The results indicate the existence of spatial dependence among retail business districts in Seoul, with developmental districts exerting a negative influence on nearby districts. Furthermore, the analysis reveals changes in dependency patterns after the onset of COVID-19, interpreted as a decrease in commercial activities in developmental districts due to the impact of the pandemic. The significance of this study lies in providing new insights into Seoul's retail business districts through a spatially dependent analysis, offering a foundation for various stakeholders, including government, local authorities, and small business owners, to respond appropriately to changes in business districts by considering their interrelationships.